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Why is cryptocurrency market crashing today?
Just days after hitting a new record, bitcoin nosedived more than 15% on Sunday – the biggest drop of the past two months.
The world’s biggest and best-known cryptocurrency plunged from above $60,000 to under $52,000 while the second-largest cryptocurrency Ether dropped 10% to $2,200 level. Other cryptocurrencies posted similar losses.
The market-wide plunge has wiped off long (buy) positions worth nearly $10 billion – one of the largest liquidation so far. The crypto market capitalization topped $2 trillion for the first time in early April.
Online reports attributed the sudden plunge to speculation the U.S. Treasury is preparing to crack down on international money laundering done digitally through cryptocurrencies, and Turkey’s recent ban on the use of cryptocurrencies.
Print this article European Central Bank President Christine Lagarde addresses an event to launch the private finance agenda of the 2020 United Nations Climate Change Conference in London, England, February 27, 2020.
(Tolga Akmen/Pool via Reuters)
I felt spoiled for choice when it came to a topic with which to preface this week’s Capital Letter. Dogecoin went quite a long way toward the moon, the U.N.’s secretary-general has pushed for a “solidarity” or wealth tax, and digging further into the details of the administration’s planned new corporate-tax regime produced yet more nasty surprises.
That said, I think that it’s worth continuing to watch how the regulatory state continues to push ahead with its climate agenda in a way that bypasses the normal democratic process and is still not subject to enough scrutiny.
The stock market is throwing a global party
Spurred on by renewed optimism about the post-pandemic recovery and a strong fear of missing out, investors keep pushing stocks higher.
What’s happening: The Dow Jones Industrial Average closed above 34,000 for the first time on Thursday as Wall Street celebrated a strong start to corporate earnings season.
But US stocks aren’t the only ones getting love. MSCI’s broad gauge of global stocks, which covers 23 developed and 27 emerging markets, just hit an all-time high, too, while Europe’s Stoxx 600 index is on track for its seventh consecutive week of gains.
ECB s Lagarde says euro zone economy still on crutches zawya.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from zawya.com Daily Mail and Mail on Sunday newspapers.
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FRANKFURT, April 14 (Reuters) - The euro zone economy is
still standing on the two crutches of monetary and fiscal
stimulus and these cannot be taken away until it makes a full
recovery, European Central Bank President Christine Lagarde said
on Wednesday.
The comments, at a Reuters Newsmaker event, marked a rare
intervention by Lagarde in the policy debate and signaled a
pushback on suggestions, expressed by some euro zone central
bank governors last week, that the ECB start dialing back its
emergency bond purchases as soon as July. Think of a patient which is out of a deep crisis but still